Annual report 2010 - plazacenters

Overview
Current de velopments
continued
O
Br
Mg
Fs
Ai
Hungary
Market value
Ownership Market value on of land and Expected
Project City (%) GLA (m²) completion (€m) .(1) project (€m) .(1) completion
Dream Island Budapest 43.5% 350,000 (2) 467.2 62.9 2014-2016
Arena Plaza Extension Budapest 100% 40,000 64.3 9.1 2013
Uj Udvar Budapest 35% 16,000 3.0 3.0 2013
David House Budapest 100% 2,000 4.2 4.2 Operating
1 Value as per King Sturge valuation report as at December 31, 2010.
2 GBA.
Plaza has already completed and sold 17 shopping and entertainment centers and one office building in Hungary. During 2007,
The Arena Plaza shopping and entertainment center, which was developed by Plaza, was sold to aAiM for a total consideration
of circa €387 million, representing circa 20% of all real estate transactions in Hungary in 2007 and currently is one of the most
successful shopping and entertainment centers in the Hungarian capital. Plaza currently owns one office building and three
development sites in Hungary, including the Dream Island mega scheme which is intended to be developed as a major resort
area including hotels, recreation facilities, a casino and a business and leisure complex.
Dream Island: initial excavation and archaeological
works commenced, casino license for 20 years
(+ ten years option) obtained
Plaza holds a 43.5% stake in Dream Island, a prestigious
development on the Obuda Island in central Budapest, with a
land area of 240,000m2, which is intended to be developed as a
major resort area including hotels, recreation facilities, a casino
and a business and leisure complex comprising 350,000m2 GBA.
Arena Plaza Extension: under planning
Arena Plaza Extension is a planned office addition to the Arena
Plaza that will comprise GLA of approximately 40,000m2.
The development will offer A-class offices in a central location
in Budapest.
The Arena Plaza Extension will occupy part of the former historic
Kerepesi trotting track.
Uj Udvar: operating, currently working on
refurbishment plans
David House: active office building, mainly serves
as Plaza Centers’ headquarters in Hungary
The Company owns an office building located on Andrássy
Boulevard, a prestigious location and one of the most soughtafter
streets in the center of Budapest with several foreign
embassies situated nearby.
The facades of all buildings on the Andrássy Boulevard, including
David House, are listed in the “World Heritage” list.
The building was reconstructed/refurbished by the Group during
2000/2001 in co-operation with the local monument preservation
authority. Many of the original features have been retained,
including the inner courtyard, staircases, stucco, ornate
metalwork and fine wood carvings.
The building is located on a 796m2 plot and consists of four
floors, an atrium and a basement, with a total constructed area
of approximately 2,400m2.
In September 2007, the Company bought a stake in a company
holding Uj Udvar shopping center in Budapest. Subsequently,
Plaza’s interest in the asset is 35%.
Uj Udvar is located in the center of the third district of Budapest,
next to the Kolosy Square on the Bécsi Street, surrounded by
housing estates, office buildings and family houses.
The shopping center is currently active and has approximately
12,000m2 of GLA and approximately 14,000m2 of parking areas.
Uj Udvar shopping center shows significant redevelopment
potential for refurbishment and subsequent sale.
Plaza Centers N.V. Annual report 2010 25